PYMNTS

DECEMBER 30, 2016

PYMNTS consulted 21 payments executives from across the industry to share their insights on the biggest takeaways from 2016 as part of the “Payments 2016, The Year Of…” eBook. Payments 2016: The Year Of Partnership Via API. In looking back, I think 2016 will be viewed as a significant turning point in payments.

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Chris Skinner

NOVEMBER 18, 2016

Things we’re reading today include … Libor trader Tom Hayes writes to fraud squad over fresh Bank of England claims JP Morgan pays $264m to settle China ‘bribery’ probe Euro suffers longest losing streak on record as dollar climbs on Fed rate hike prospects Ed Balls: Bank of England needs less independence and more political (..)

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Chris Skinner

AUGUST 9, 2016

Million for ‘Squawk Box’ Failures Ten of the most expensive animals in the world Barclays pays a further $100m in the US over Libor fraud Watchdog targets banking ‘revolution’ Lloyds faces legal fight over … The post Things worth reading: 9th August 2016 appeared first on Chris Skinner's blog.

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PYMNTS

FEBRUARY 27, 2020

Fraud continues to increase in many areas, despite extensive attempts to bring it to heel. Retail fraud attempts have doubled year over year, for example, while account takeover (ATO) fraud losses recently hit $14.7 billion , and phishing attacks now comprise 30 percent of all fraud attempts. billion since 2016.

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Chris Skinner

SEPTEMBER 9, 2016

Things we’re reading today include … Mastercard faces £14bn card fee claim Stephen Fry: ‘Without tax, civilisation falters’ Wells Fargo will pay $190 million to settle customer fraud case Federal Reserve asks Congress to limit Wall Street merchant banking Quantum of scholars Carney’s arrogance has diminished the Bank’s (..)

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PYMNTS

MAY 2, 2017

Credit card fraud is a fact that will likely continue to plague retailers for the foreseeable future. It’s on the rise in the eCommerce arena, according to data released from omnichannel commerce technology and operations company Radial’s eCommerce Fraud Technology Lab.

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PYMNTS

DECEMBER 20, 2018

20) that it fined Uber $460,000 over its 2016 data breach that exposed the data on 57 million customers and drivers across the world. Earlier this year Uber settled with the state of California, agreeing to pay $148 million over the 2016 breach. The French Data Protection Authority said Thursday (Dec.

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PYMNTS

SEPTEMBER 29, 2020

An EY whistleblower has alleged the global accounting firm was warned as far back as 2016 that senior managers at Wirecard may have committed fraud and one had tried to bribe an auditor, the Financial Times (FT) reported. Wirecard paid the Emerging Market Investment Fund 1A 340 million euros ($399 million).

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PYMNTS

OCTOBER 19, 2018

Even the mightiest of tech firms are not immune to invoice fraud. Engadget reported that Jeff Tran, Microsoft ’s former director of sports marketing and alliances, was charged with five counts of wire fraud. Wire fraud has a sentence of up to 20 years’ imprisonment. Fraud On The Rise. Payments Fraud No Cakewalk.

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PYMNTS

JANUARY 16, 2018

Attempts to commit online fraud jumped during the holiday season, increasing 22 percent from Thanksgiving to December compared to a year ago. According to ACI, the number of fraud attempts was the highest on Thanksgiving Day at 1.94 percent fraud attempts up from 1.48 percent fraud attempts compared to 1.49

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PYMNTS

DECEMBER 17, 2020

Fraud protection specialist Kount and Philadelphia-based payments platform FreedomPay are teaming up to offer “an integrated, complete solution to enable international expansion with fraud-free payments and frictionless customer” experiences. Before, they were limited to one or two areas. Today, they’re pretty much everywhere.”.

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PYMNTS

DECEMBER 10, 2019

The tools we use to detect, score and prevent fraud — particularly card-not-present fraud in digital transactions — have improved exponentially in the last half-decade. As of today, 85 percent to 95 percent of synthetic fraud identities are easily slipping past risk detection systems that are failing to flag them.

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PYMNTS

NOVEMBER 13, 2020

The SEC claims that Tolstedt publicly discussed and endorsed Wells Fargo’s “cross-sell metric” as a way of keeping track of the bank's financial success from mid-2014 to mid-2016. In 2016, Stumpf announced his resignation as chairman and chief executive of Well Fargo in the scandal’s wake. Stumpf also already agreed to pay $17.5

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PYMNTS

JANUARY 26, 2021

Fraud and other forms of cybercrime are perennial challenges for digital-first banks and businesses of all types, as their extensive web presences open additional doors that allow bad actors to infiltrate their operations. billion fraud attacks occurred during the first half of 2020. The Two Types Of Fraud Threats.

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PYMNTS

JANUARY 17, 2020

An uptick in check fraud has financial institutions considering whether they should update methods and stop using checks, according to a report Wednesday (Jan. Check fraud, or the attempt to perpetrate it, has gone up from $8.5 billion in 2016 to $15.1 Also, it makes up 60 percent of all attempted fraud against U.S.

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PYMNTS

FEBRUARY 23, 2020

Krasovec is now suing the Dallas, Texas bank, maintaining that PlainsCapital didn’t have anti-fraud protocols in place. Between June 2016 and July 2019, worldwide losses totaled $26 billion. subsidiary of Japan’s largest financial media organization, was the victim of a $29 million wire transfer fraud. Close to $1.8

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PYMNTS

MARCH 2, 2018

For their alleged roles in a massive stock fraud and money laundering scam involving a Picasso, the U.S. In addition, prosecutors said eight defendants, including offshore bank Loyal Bank Ltd, planned to launder proceeds from the fraud. million British pounds, which an undercover agent had said were proceeds from the fraud.

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PYMNTS

NOVEMBER 2, 2018

1) that a probe by international auditors is underway, examining a fraud that could be $200 million in scope at Aegean Marine Petroleum Network , tied to shell companies that ostensibly did business with the shipping fuel firm. News came Thursday (Nov. The Email Scam Lures More Victims. A Bit Of Victory. Procards Get Auditor’s Scrutiny.

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PYMNTS

JULY 5, 2017

Fraud is like gluten. Most organizations have resigned themselves to the fact that, despite their defenses, fraud is just a part of doing business. But fraud costs an average of 7.5 But alongside all of that opportunity comes risk of fraud.”. There was an eternal perception about the way to approach fraud,” said Byrnes.

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Bank Innovation

JUNE 4, 2018

has had a very public battle with fraud. Just last month, the bank agreed to pay $480 million to settle a lawsuit from investors accusing Well Fargo of securities fraud related to its fake-account scandal from 2011 to 2016 in which 2 million fake accounts were set up. “We Wells Fargo & Co. We have alerting to […].

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PYMNTS

MARCH 19, 2018

These tactics cast a wide net of fraud over the fleet card industry – from issuers and acquirers to fleet managers, employers and employees themselves. The company’s latest solution, EazyFuel , offers fraud and risk management directly to all players in a fleet card transaction, in addition to payment processing and other capabilities.

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PYMNTS

JANUARY 28, 2020

Coupon fraud is particularly dangerous for the restaurant industry, where margins are razor-thin and any profit decline could spell disaster. What Is Coupon Fraud? Fraudsters exact coupon fraud in various ways. Coupon fraud costs U.S. There is a distinct difference between extreme couponing and coupon fraud, though.

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PYMNTS

AUGUST 9, 2020

Shanmugaratnam, 54, the owner of Citadelle Corporate Services, a corporate management services company at the heart of an investigation, is the first person outside of Wirecard to be linked to the suspected fraud at the disgraced German payments company. million euros ($209 million) at the end of 2016. million euros ($169.5

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PYMNTS

OCTOBER 21, 2020

This year has been even worse on the fraud front,” we learn from the new PYMNTS Preventing Financial Crimes Playbook , done in collaboration with NICE Actimize , “as financial crime stresses FIs that are already confronting the pandemic, economic struggles and an unpredictable political climate. Real-Time, Cross-Channel Fraud Controls.

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PYMNTS

JULY 1, 2019

In payments fraud, it pays — literally — to change up the game a bit. The report shows the use of malicious emails, rather than attachments, is on the rise — which darkreading.com said comes along with new variants of impersonation fraud. Individual Fraud Cases, Here and Abroad. The data across a sample set of 1.3

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PYMNTS

JULY 2, 2020

A report in The Wall Street Journal (WSJ) said EY is now facing claims that the firm failed to identify “unorthodox financial arrangements” dating back to 2016, and, according to emails seen by the publication, that EY may have had questions surrounding those arrangements, but signed off on Wirecard’s financials regardless.

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PYMNTS

OCTOBER 1, 2018

in a settlement with the Financial Conduct Authority (FCA) due to a cyberattack at the lender in 2016. We are very sorry for the impact that this fraud attack had on our customers. I apologize to our customers for the inconvenience caused in 2016.”. Tesco Bank agreed on Monday (Oct. 1) to pay £16.4m

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PYMNTS

NOVEMBER 6, 2018

In addition to creating new value for our retail customers around the world, StopLift’s fraud detection technology will be a key enabler of our frictionless commerce product strategy.”. Hayford said in the press release. “In

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PYMNTS

OCTOBER 26, 2018

Maeder, co-founder of the Loyalty Fraud Prevention Association , a group that offers resources, information and best practices to companies with loyalty programs, digital fraudsters have been using account takeovers (ATOs) to target these offerings. The Rising Tide Of Rewards Fraud. According to Peter R. billion worldwide.

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PYMNTS

JUNE 24, 2020

Within days, Braun, 50, was arrested on charges of accounting fraud and market manipulation. The Netherlands accounting firm said it was unable to conclude whether revenues booked from three partner processing companies ever existed for 2016, 2017 or 2018, CNBC reported. billion euros ($2.1 Wirecard declined to comment.

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PYMNTS

MARCH 8, 2019

Ignatov is from Bulgaria and was charged with wire fraud conspiracy. His older sister Ignatova, also from Bulgaria, was charged with wire fraud, and also securities fraud and conspiracy. The scheme amounts to fraud, prosecutors say. billion) since the company ended in 2016. The company’s records show a profit of 2.23

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PYMNTS

NOVEMBER 28, 2018

Google, the FBI and White Ops, along with a handful of cybersecurity companies, recently collaborated to shut down a digital ad fraud scam that used 1.7 According to the report, 3ve (pronounced “Eve”), which is what the group called its online ad fraud campaign, was active since 2014 but could have been around for longer. .

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Payments Dive

FEBRUARY 8, 2018

As the technology behind payments becomes more advanced and readily available, so too are the possibilities for fraud. The Federal Trade Commission’s online database of consumer complaints reports 13 million complaints from 2012-2016, 42% of which were fraud related, and 13%, identity theft complaints.

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PYMNTS

NOVEMBER 27, 2018

27) for the data breach in 2016 that impacted millions of users. The fines stem from a data breach in 2016 in which the names, mobile phone numbers and email addresses of 57 million users around the globe were compromised. We’re pleased to close this chapter on the data incident from 2016,” Uber said in a statement to Reuters. “As

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PYMNTS

MAY 8, 2019

Williams reportedly was president of a Celadon subsidiary called Quality Companies during the period of alleged fraud. Fraud Allegations. More specifically, the fraud alleged by federal prosecutors involved Celadon subsidiary Quality Companies, a tractor-and-trailer leasing firm. Department of Justice. The 1,000 largest U.S.

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PYMNTS

FEBRUARY 26, 2020

Software developer and Ukrainian native Volodymyr Kvashuk, 25, from Renton, Washington, worked for Microsoft from 2016 to 2018, and was tasked with testing Microsoft’s online retail sales platform. dripping fraud and deceit every step of the way…. Sentencing takes place on June 1, and he faces up to 20 years in prison.

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Payments Dive

SEPTEMBER 25, 2018

Online fraud is becoming more and more sophisticated. One of the results of this arms race is the recent surge in ATO – account takeover – attacks, a form of fraud which is particularly difficult to detect. billion lost in 2016. In 2017, ATO led to $5.1 billion in losses, a staggering 122% increase over the $2.3

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